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Project Brief

Summaries of proposed guarantees are provided prior to Board consideration and before final contract signing, and they are therefore subject to change. Project briefs are disclosed after Board consideration and contract signing and reflect the terms of the project at the time of contract signature. Environmental and Social Review Summaries are provided for projects assigned an Environmental Assessment Category of A or B.


Project name
Bitaka S.A.
Project ID
Fiscal year
Not Active
Guarantee holder
F.C.R. de Régimen Simplificado
Fons Mediterrània Capital
Investor country
Host country
Environmental category
Date SPG disclosed
November 15, 2011
Project Board date
November 30, 2011
Gross exposure
 $5.1 million
Project type

View Summary of Proposed Guarantee

On December 7, 2011, MIGA issued guarantees of €3.8 million ($5.1 million equivalent) to Fons Mediterrània Capital, F.C.R. de Régimen Simplificado of Spain (FMC) covering its equity investment in, and shareholder loan to, Bitaka S.A. (Bitaka) in Tunisia. The coverage is for a period of up to five years against the risks of transfer restriction, expropriation, and war and civil disturbance.

Bitaka is an existing portfolio company of FMC, a Spanish private equity fund. It provides E-vouchers (mobile electronic recharge), scratch cards, and SIM cards for telecom operators in Tunisia. The equity investment and shareholder loan being provided by FMC will help Bitaka develop its operations and expand its distribution network to cope with the growth of Tunisia’s mobile sector (the main client of Bitaka’s solutions).

Bitaka provides low-cost, innovative solutions to mobile operators in Tunisia. The mobile sector is mainly pre-paid (above 90 percent of overall connections) and relies on payment solutions to connect the majority of the population. Indirectly the project contributes to the continued growth of the mobile sector in Tunisia, which has an impact on GDP growth (a 10 percentage point increase in mobile penetration generates a 0.81 percentage-point increase in economic growth for low and middle-income economies).

MIGA’s support to this project is consistent with the first pillar of the World Bank Group’s Country Partnership Strategy for Tunisia, which focuses on employment, growth, and competitiveness. The telecommunications sector has been identified as a key driver of the country’s growth.

In addition, the project is consistent with MIGA’s efforts to mobilize $1 billion in insurance capacity to support foreign direct investment into the Middle East and North Africa. The project was underwritten through MIGA’s Small Investment Program.

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